Question 1

Small businesses and not-for-profit organizations can collect a significant amount of information at very little cost by researching online. They can also use observation and informal surveys effectively.

Accepted Answer

Small businesses and not-for-profit organizations can utilize various online resources and methods such as observation and informal surveys to collect information cost-effectively.

Question 2

How can a company manage information on specific customers more effectively?

Accepted Answer

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Question 3

Which of the following is true with regard to problems faced by international researchers?

Accepted Answer

Translation of questionnaires can be a challenge for international researchers. It can increase research costs and the risk of errors in translation, which may affect data reliability and validity.

Option B is incorrect as erratic purchasing patterns may not necessarily be a universal problem for all international researchers.

Option C is also incorrect as cultural differences may not always enrich research findings. It may pose a challenge to researchers in terms of understanding the local culture and interpreting findings accurately.

Option D is incorrect as diverse markets may also provide valuable insights and opportunities for researchers to gain a better understanding of different markets.

Option E is incorrect as the primary data obtained by international researchers may not always be error-prone, but it may require robust research design and methods to ensure data accuracy and validity.

Question 4

Customer touch points include customer purchases, satisfaction surveys, credit and payment interactions, sales force contacts, and service and support calls.

Accepted Answer

This statement is true. Customer touch points are any interactions or communication between a customer and a company, including those listed above.

Question 5

Discuss how small businesses and not-for-profit organizations can obtain market insights economically.

Accepted Answer

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Question 6

What is the most common CRM mistake?

Accepted Answer

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Question 7

Joe Kerry, owner of a small bakery, wants to obtain marketing insights to improve his business. Joe has a limited budget and would like to gather free secondary data. What is the best option for Joe?

Accepted Answer

Internet search engines are the best option for Joe as they provide free access to a vast amount of secondary data on consumer preferences, market trends, and competitor strategies. Joe can use search engines like Google, Bing, or Yahoo to collect information from blogs, forums, social media, and news sources that relate to his bakery business. This method is cost-effective, convenient, and can provide a wealth of valuable insights to help improve his marketing strategies.

Question 8

Which of the following is least likely to be a tool used by small businesses?

Accepted Answer

Small businesses may not have the financial resources to purchase data from expensive research companies like Nielsen or U.S. Yankelovich MONITOR. This tool is more commonly used by larger businesses with bigger budgets.

Question 9

Why do some consumers resent marketing research?

Accepted Answer

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Question 10

For international researchers, language is a primary obstacle.

Accepted Answer

Language barriers can make it difficult for international researchers to communicate effectively with colleagues, understand or access resources, and publish work in reputable journals. Language proficiency is an important skill for success in the global research community.

Question 11

For international researchers, ________ is the most obvious obstacle.

Accepted Answer

International researchers may face language barriers when communicating with colleagues and accessing research materials. They may need to work on language skills or rely on translation tools to overcome this obstacle.

Question 12

Most major companies have now appointed a chief privacy officer (CPO), whose job is to safeguard the privacy of the companies in the international business environment.

Accepted Answer

While many major companies have appointed a Chief Privacy Officer (CPO) to manage privacy concerns, it is not accurate to say that most have done so. The adoption of this role varies by industry and region.

Question 13

Which of the following is most likely true about international research?

Accepted Answer

Costly international research is necessary if firms want to succeed in foreign markets.

Question 14

An obvious disadvantage of using customer relationship management is its ineffectiveness in pinpointing high-value customers.

Accepted Answer

This statement is false. Customer relationship management (CRM) systems are specifically designed to identify and prioritize high-value customers through analysis of their past behaviors and interactions with the company. By assigning a value score to each customer, organizations can focus their efforts on retaining and satisfying those who are most valuable to their business.

Question 15

While collecting sensitive customer data, market researchers should adhere to all of the following guidelines EXCEPT ________.

Accepted Answer

Sharing information without the customer's authorization is not a guideline that market researchers should adhere to. In fact, it goes against ethical principles of data privacy and can potentially harm the customer's trust in the research firm.

Question 16

In a company, the job of a chief privacy officer is to ________.

Accepted Answer

The job of a chief privacy officer is to safeguard the privacy of a firm's customers.

Question 17

Consumers who mistrust marketing research are more likely to ________.

Accepted Answer

Consumers who mistrust marketing research are more likely to see marketing research efforts, such as interviewing, as intrusions on their privacy. They are unlikely to believe that marketing research initiatives are genuine endeavors aimed at increasing customer satisfaction, and are more likely to believe that marketers use personal data to manipulate consumer behavior. They may also see the potential for misuse of research findings, leading to further distrust. Therefore, option D is the best choice. Option A, B, and E are incorrect because they contradict the characteristics of consumers who mistrust marketing research.

Question 18

Explain the common problems that international marketing researchers encounter.

Accepted Answer

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Question 19

Often, international researchers must collect their own primary data because ________.

Accepted Answer

Reliable secondary data can be difficult to find or may not exist, especially in certain industries, markets, or countries. Therefore, international researchers often have to collect their own primary data through surveys, interviews, observation, and other methods. While primary data collection can be more expensive, time-consuming, and challenging than relying on existing secondary data sources, it can also provide more accurate, relevant, and context-specific insights for research purposes.

Question 20

Customer relationship management helps manage detailed information about individual customers and maximize customer loyalty.

Accepted Answer

Customer relationship management (CRM) involves collecting and analyzing customer data in order to build stronger relationships with customers and increase customer loyalty. By understanding individual customers' needs and preferences, businesses can tailor their marketing and communication strategies to better serve those customers and keep them coming back.

Quiz 4: Managing Marketing Information to Gain Customer Insights